PLUS Exploration Co., Ltd., a leading company providing integrated technical service in oil & gas, petrochemicals, and power plants, has been operating in Thailand for over 15 years. The company is primarily engaged in distributing catalyst chemicals and process equipment used in oil refineries and petrochemical plants. The company is led by Mr. Sittichai Talapnak as Chief Executive Officer, Ms. Nadkrita Kulsirithanakorn as Executive Vice President of Communications, Mr. Ekapong Ekalap as Vice President of Project Management, and Ms. Sasiwimol Prasatthong as Vice President of Recycling & Waste Treatment. They recently participated in a signing ceremony for a joint venture capital agreement with Mr. Shen Xian Hua, General Manager of Hualong Limited, Mr. Su Yang, Director of Symo Development Limited, and Mr. Shen Hanyu, Director of H.Y. Resources Technology (HK) Limited, on 9 April 2024. The purpose of the agreement is to establish Thailand's first base metal production plant from spent catalysts.
Mr. Sittichai Talapnak revealed that he decided to make a significant investment with Chinese investors, who have been business partners for the past decade. The collaborating Chinese partners consist of three companies: Hualong Limited, Symo Development Limited, and H.Y. Resources Technology (HK) Limited. All parties signed a joint venture agreement to establish a base metal production plant from spent catalysts, which are mainly generated from the oil refining and petrochemical industries. The investment in this project is more than 1 billion Thai baht, Mr. Sittichai stated.
“These three partners hold the facilities and expertise in the extraction of precious and base metals from spent catalysts in China and Vietnam. Meanwhile, PLUS Exploration also has a large number of raw materials and a substantial customer base in Thailand. Given these factors, we foresee the business opportunities to grow together. Thus, we have reached an agreement to invest in establishing a factory in the Eastern Economic Corridor (EEC) area to facilitate business expansion in oil refining, petrochemical, and other heavy industries. These sectors play a crucial role in national development. The products obtained from this factory can serve as fundamental raw materials for manufacturing batteries for EV cars, steel production, stainless steel production, and various chemical industries. This initiative will contribute to reducing the import of metal substances as well as generating additional value through exports,” Mr. Sittichai added.
Mr. Sittichai further said that this factory would significantly promote their business according to the principles of the circular economy, which involves the reutilisation of natural resources in the value chain to increase efficiency in waste management, raw materials, expired products, and energy so that they can be reused. All these managing plans will be implemented using modern and fully integrated environmentally friendly technology. The factory is scheduled to commence operations from 2025 onwards.
